Process Analytical Technology Market is projected to reach USD 6.1 billion by 2027 from USD 3.2 billion in 2022, at a CAGR of 13.8% during the forecast period. Market growth is primarily driven by factors such as government regulations on drug safety, increased RD spending by pharmaceutical and biopharmaceutical firms, improvements in drug quality, increasing government investments in emerging countries, and technological advancements in analytical devices. However, the high cost of deployment of PAT systems and a shortage of skilled professionals are expected to limit market growth to a certain extent in the coming years.
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Key Market Players
The process analytical technology market is competitive in nature with several big and emerging players equally holding shares of the market. As of 2021, the key players operating in the global process analytical technology market are Thermo Fisher Scientific, Inc. (US), Danaher Corporation (US) , Agilent Technologies, Inc. (US), Shimadzu Corporation (Japan), Waters Corporation (US), Bruker Corporation (US), Emerson Electric Co. (US), ABB Ltd. (Switzerland), PerkinElmer, Inc. (US), Mettler-Toledo International Inc. (US), and Carl Zeiss AG (Germany), among others.
Process Analytical Technology Market Dynamics
Drivers: Rising need for quality improvements in manufacturing processes
PAT instruments are robust tools used to analyze and control Critical Quality Attributes (CQAs) in pharmaceutical and biopharmaceutical manufacturing processes by measuring Critical Process Parameters (CPPs). These tools are implemented to increase the efficiency of the production process to obtain quality products and improve the final product overall performance. PAT allows continuous monitoring of pharmaceutical production by generating real-time product quality information and reduces final batch discarding or reprocessing. The technology aids in controlling costs in the manufacturing process and provides financial benefits through faster product release by eliminating post-production testing. It also reduces the cycle time and energy consumption to run the equipment. Automation in the process thus reduces the overall labor cost.
These benefits of PAT in improving manufacturing process efficiencies are expected to drive market growth during the forecast period.
Restraints: High cost of PAT deployment
The technological developments have increased the prices of these systems. For instance, the cost of a new spectroscopy instrument may vary from USD 75,000 to USD 500,000. The price for an HPLC system ranges from USD 10,000 to USD 40,000, while a dynamic light-scattering particle size analyzer may cost around USD 30,000 to USD 60,000, depending on the associated accessories. Despite the operational and cost-saving benefits of PAT implementation in the pharmaceutical industry, its adoption has been slow in emerging economies.
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Molecular spectroscopy segment to register significant growth rate over the forecast period.
Based on the type of technology, the global PAT market has been classified into five major segments—spectroscopy, chromatography, particle size analysis, capillary electrophoresis, and other technologies. The spectroscopy segment is further sub-segmented into molecular spectroscopy, mass spectrometry, and atomic spectroscopy. The molecular spectroscopy segment is anticipated to register significant growth. In the pharmaceutical industry, molecular spectroscopy has numerous applications, such as quantitative analysis of pharmaceutical substances, pathogen detection, protein quantification, biochemistry, and biophysics research. The wide application area of this technology and the presence of stringent regulatory guidelines for drug development and safety are the major factors driving the growth of the global molecular spectroscopy market.
Products segment accounted for the largest share of the process analytical technology market, by product service market.
The product segment dominates the process analytical technology market, and the trend is expected to continue over the forecast period. This segment held the largest share owing to the technological advancements in process analytical techniques that offer operational efficiency and reduce the process cycle time.
On-line analysis segment dominated the market in terms of measurement.
Process analytical technology tools are used for the timely measurement of Critical Process Parameters (CPP) during the development and manufacturing of a drug. CPP analysis is done by deploying analytical techniques using various measurement methods, such as on-line, in-line, at-line, and off-line. The on-line analysis segment dominated this market, owing to the low turnaround time and consistency in results obtained by on-line measurement of the process.
North America market to hold major share in the market during the forecast period
North America, comprising the US and Canada, accounted for the largest share of the global PAT market in 2021. This market is primarily driven by the availability of funding for research activities; stringent drug development regulations; and conferences, discussions, symposiums, and seminars on analytical technologies.
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